Gulf remittances to South Asia reach 80B
A report by the United Nations Development Programme has revealed that disturbances in the Middle East could lead to a decline in the annual remittances totaling $80 billion from Gulf countries to South Asia. This could impact the income of millions of families and foreign exchange reserves in India, Pakistan, and Bangladesh. The remittance corridor between the Gulf and South Asia is one of the largest worldwide, and a reduction in these flows by between 5% and 10% could result in losses ranging from $4 billion to $8 billion. The report highlights that some countries depend more heavily on these remittances, with Bangladesh and Pakistan being more vulnerable due to their significant reliance on Gulf currencies. In contrast, India has a more diversified economy that lessens the impact of any decline.
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